beyond its traditional focus on static efficiency to account for innovation and address dynamic efficiency. Innovation can … fundamentally affect merger analysis in two ways. First, innovation can dramatically affect the relationship between the pre …-merger marketplace and what is likely to happen if a proposed merger is consummated. Thus, innovation can fundamentally influence the …

Over the last twenty years the wage-education relationships in the US and Germany have evolved very differently, while … files from the PSID (US) and the GSOEP (Germany), we demonstrate how factor movements within these countries are associated … capital over the 1979-96 period, while Germany accumulated factors in a more balanced manner …

. In addition to standard Wald tests, we formulate Lagrange Multiplier and Distance Metric tests which require estimation … under the non-linear constraints of the null hypotheses. Estimation under the null is achieved by iterating on approximate …